Tax, accounting, auditing news - Journal of Accountancy

January 4, 2016

Private company alternatives to become more accessible

FASB has endorsed a decision by the Private Company Council that would remove the effective dates from four GAAP alternatives for private companies.

January 4, 2016

Insurance programs are subject of proposed federal accounting standards

FASAB proposed standards designed to increase the transparency of information in federal government financial statements about insurance program costs and liabilities.

December 23, 2015

GASB moves to reduce confusion for external investment pools

Many state and local government external investment pools—and participants in those pools—will continue to qualify for amortized cost accounting under new guidance from GASB.

December 23, 2015

FASAB proposal addresses opening balances for general PP&E

FASAB is proposing alternative methods for federal government reporting entities in establishing opening balances for general property, plant and equipment.

December 22, 2015

Proposed regulations outline country-by-country reporting requirements

The much-anticipated rules, under which the US would adopt the Organisation for Economic Co-operation and Development’s country-by-country reporting regime, would require reporting by multinational enterprise groups with revenue of $850 million or more in the prior annual accounting period.

December 22, 2015

GASB addresses fiduciary activities, asset retirement obligations, pension issues

GASB proposed new accounting and financial reporting guidance related to fiduciary activities, certain asset retirement obligations, and pension issues.

December 18, 2015

Congress passes extender and other tax legislation

The omnibus spending bill passed by Congress on Friday, which extends a long list of expired tax provisions, also contains a large number of other tax items.

December 18, 2015

Revenue recognition clarifications affirmed by FASB, IASB

FASB and the IASB have agreed to clarify principal vs. agent guidance contained in the converged revenue recognition standard.

December 17, 2015

Standard mileage rates will go down in 2016

The IRS issued the standard mileage rates for business use of an automobile and for driving for medical or moving purposes for 2016.

December 17, 2015

2016 GAAP taxonomy available

The 2016 taxonomy contains updates for accounting standards changes and other improvements to the previous taxonomy.

December 16, 2015

Tax extender legislation introduced in Congress

The Consolidated Appropriations Act introduced in Congress on Wednesday would extend a large number of expired tax provisions.

December 15, 2015

PCAOB approves rule for naming audit engagement partner

The PCAOB voted to approve a new rule that will require disclosure of the name of the engagement partner and other participating firms on a form that will be made public on the board’s website.

December 11, 2015

GASB provides assistance on pension accounting issue

The assistance applies to governments that participate in certain multiple-employer defined benefit plans.

December 10, 2015

FASB’s Golden gives spirited defense of impairment project

FASB’s project on impairment of financial instruments will provide a realistic view of expected loan losses, board Chairman Russell Golden said at the AICPA Conference on Current SEC and PCAOB Developments.

December 10, 2015

PCAOB to meet on transparency proposal

The PCAOB will hold a public meeting at 10 a.m. Tuesday to consider whether to adopt a new standard that would require a new form for naming the engagement partner and other firms participating in public company audits.

December 10, 2015

Revenue recognition: SEC looking ahead for comparability

Securities and Exchange Commission officials say they are focused on comparability and consistency in future financial reporting under the new revenue recognition standard as companies undergo transition.

December 10, 2015

Proposals address compilations of prospective and pro forma financial information

The AICPA is seeking comment on three new proposed Statements on Standards for Accounting and Review Services that address compilations of prospective and pro forma financial information.

December 9, 2015

SEC discussing supplementary IFRS option for US issuers

The SEC is considering regulatory changes that would make it possible for U.S. public companies to provide IFRS-based information as a supplement to U.S. GAAP financial statements.

December 9, 2015

PCAOB to vote on naming engagement partner

The PCAOB plans to meet next week to vote on a final standard that would create a new form naming the engagement partner on public company audits as well as other firms that participated in the audit.

December 8, 2015

Retired Bank of America executive to chair FAF trustees

The Financial Accounting Foundation trustees elected Charles Noski as their new chairman and announced the naming of five additional new trustees.

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